36
   

Spill baby spill, slippery politics

 
 
roger
 
  1  
Reply Tue 15 Jun, 2010 01:56 pm
@DrewDad,
Maybe the Gulf just isn't BP's lucky ocean.
0 Replies
 
realjohnboy
 
  1  
Reply Tue 15 Jun, 2010 02:47 pm
The ratings agency Fitch downgraded BP six notches today. Its debt, though, is well above being called "junk."
BP is a cash cow and does not rely heavily on long term debt or the issuance of new equity.
The concern by Fitch is that the company is being pressured to deposit cash now (the $20Bn Obama is pushing for) and may have to pony up a lot of cash in the near term - i.e. within the next couple of years.
We have talked here before about how much money BP may be. The numbers are all over the place.
I was reading today about the concept of a BP bankruptcy. It really gets complicated due to the very common practice amongst corporations to set up fire-walls. So there is BP World (I am making up the names) which owns BP North America which owns BP Gulf. BP Gulf is the legal entity but really has few assets which could be liquidated to pay the damages.
0 Replies
 
Irishk
 
  1  
Reply Tue 15 Jun, 2010 03:10 pm
Some pundit on CNN said BP makes $92M/day. He was discussing BP's ability to fund the cleanup (and all that that entails) when he made that remark.

Not at all sure it's accurate, but it sure stuck in my head.
0 Replies
 
edgarblythe
 
  1  
Reply Tue 15 Jun, 2010 04:41 pm
Other oil companies today touted their plans to save wildlife in the Gulf, assuming they too had such a spill. They specifically mentioned saving walrusses in the plans. - according to a news TV show today.
Advocate
 
  3  
Reply Tue 15 Jun, 2010 04:48 pm
I don't understand why the right is whining about BP's oil spill. After all, isn't this the deregulation that the right loves?
spendius
 
  1  
Reply Tue 15 Jun, 2010 04:49 pm
Quote:
Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. The platform began production in 1976, first as an oil platform and then later converted to gas production. An explosion and resulting fire destroyed it on July 6, 1988, killing 167 men, with only 59 survivors. The death toll includes 2 crewmen of a rescue vessel. Total insured loss was about £1.7 billion (US$ 3.4 billion). At the time of the disaster the platform accounted for approximately ten percent of North Sea oil and gas production, and was the worst offshore oil disaster in terms of lives lost and industry impact.

The Kirk of St Nicholas in Union Street, Aberdeen has dedicated a chapel in memory of those who perished and there is a memorial sculpture in the Rose Garden of Hazlehead Park in Aberdeen. Thirty bodies were not recovered.


We Brits didn't get our knickers wet over that.
spendius
 
  1  
Reply Tue 15 Jun, 2010 05:04 pm
@spendius,
It is hard to imagine that any serious company working within American jurisdiction has failed to screen the famous bus crash in NYC, which was caught on a CCTV camera fortuitously, as a part of its training procedures for senior executives.

As you will all remember there were only a couple of passengers on the bus at the time of the crash but by the time the rescue services arrived it was nearly full of folks holding their necks or kneecaps and howling in agony. No cuts or bruises. It was a low speed crash.

0 Replies
 
spendius
 
  1  
Reply Tue 15 Jun, 2010 05:16 pm
I sometimes wonder how many lives cheap oil has saved and how much fun it has facilitated.

I cartainly don't recall in my history reading of the days before cheap oil any references to wild life sanctuaries and the saving of any endangered species. Or any triple by-passes and a few thousand other wonderful innovations which the stupid must imagine grow on trees.



djjd62
 
  1  
Reply Tue 15 Jun, 2010 05:19 pm
@edgarblythe,
some of the residents are a little hefty, but i don't think i'd call them walruses



oh, they meant the actual animal Embarrassed
spendius
 
  1  
Reply Tue 15 Jun, 2010 05:24 pm
@djjd62,
The tourism industry on the Gulf coast is entirely dependent upon cheap oil and one might say was created by it.
0 Replies
 
Irishk
 
  1  
Reply Tue 15 Jun, 2010 05:29 pm
@spendius,
I'm reading your newspaper reports. Some of the most recent headlines:

That's Enough 'Kicking Ass', Mr. President ~ The Times

Obama's Crude Rhetoric is Simply Beyond the Pale ~ Daily Express

Barack Obama Compares Oil Spill to 9/11 ~ The Guardian

Obama Needs to Pipe Down ~ Daily Express

And, from our own Gray Lady:

Onshore Oil Spill Response is Described as Chaotic ~ NYTimes
Cycloptichorn
 
  2  
Reply Tue 15 Jun, 2010 05:34 pm
@Irishk,
Irishk wrote:

I'm reading your newspaper reports. Some of the most recent headlines:

That's Enough 'Kicking Ass', Mr. President ~ The Times

Obama's Crude Rhetoric is Simply Beyond the Pale ~ Daily Express

Barack Obama Compares Oil Spill to 9/11 ~ The Guardian

Obama Needs to Pipe Down ~ Daily Express

And, from our own Gray Lady:

Onshore Oil Spill Response is Described as Chaotic ~ NYTimes



This whole 'Obama is attacking Britain!' thing is ridiculous. I couldn't give two shits about their attitude on this matter; because what they are really concerned about is their investment going belly-up.

Cycloptichorn
Irishk
 
  1  
Reply Tue 15 Jun, 2010 05:37 pm
@Cycloptichorn,
You don't feel even a little bit sorry for them...or BP? Don't hold back, now. Smile
roger
 
  1  
Reply Tue 15 Jun, 2010 05:41 pm
@Irishk,
I've noticed he does have a tendency to get personal. Usually only those that are out of favor with the public anyway.

Irishk
 
  1  
Reply Tue 15 Jun, 2010 05:49 pm
@roger,
Perhaps a bit more than his predecessors, I'd guess.
Cycloptichorn
 
  1  
Reply Tue 15 Jun, 2010 05:59 pm
@Irishk,
Irishk wrote:

You don't feel even a little bit sorry for them...or BP? Don't hold back, now. Smile


Nope, not even a little sorry. Why should I be?

For too long people have seen investment in corporate giants as a magical money machine, and pretended that there was no risk involved. There was great risk involved in their investment, and now they are finding out the downside of putting their eggs in that basket.

Not only that, they took the risks with OUR coastlines. So, no. I'm not sorry for them. This is what happens when you gamble with your money without thinking about what you are doing.

Cycloptichorn
Cycloptichorn
 
  1  
Reply Tue 15 Jun, 2010 05:59 pm
@Irishk,
Irishk wrote:

Perhaps a bit more than his predecessors, I'd guess.


He only got personal with those who opposed the war effort. Everyone else, he was chummy as hell with.

Cycloptichorn
0 Replies
 
hawkeye10
 
  0  
Reply Tue 15 Jun, 2010 06:04 pm
@Cycloptichorn,
Quote:
Not only that, they took the risks with OUR coastlines. So, no. I'm not sorry for them. This is what happens when you gamble with your money without thinking about what you are doing.

put in the most POSITIVE light what the American people have done is to gamble with our kids future...this putting America so far into debt. I hate what corporations are doing probably even more than you do, but this line of yours is sanctimonious.
Cycloptichorn
 
  1  
Reply Tue 15 Jun, 2010 06:42 pm
@hawkeye10,
hawkeye10 wrote:

Quote:
Not only that, they took the risks with OUR coastlines. So, no. I'm not sorry for them. This is what happens when you gamble with your money without thinking about what you are doing.

put in the most POSITIVE light what the American people have done is to gamble with our kids future...this putting America so far into debt. I hate what corporations are doing probably even more than you do, but this line of yours is sanctimonious.


It would only be sanctimonious if I didn't feel the same way you did about what we've done with our kids' future - with the difference being that you are talking more about recent events then you are long-term ones....

Cycloptichorn
0 Replies
 
H2O MAN
 
  -4  
Reply Wed 16 Jun, 2010 08:15 am


Almost 60 days have past and the community organizer is still floundering without a plan of action.
 

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